The board at Community Savings Credit Union (CU) announced it will not put Western Financial Group’s offer to acquire the credit union on the agenda of its upcoming shareholder meeting, in effect tossing the offer aside, according to a release from Western.

The proposal included an offer by a subsidiary of the company, Bank West, to acquire CU for approximately $345 million in cash, shares and payments to members.

Western expressed disappointment with the news. “”Community Savings was an ideal platform on which we could mutually build a leading western Canadian financial leader,” said Scott Tannas, president and CEO of the company. “It is unfortunate that their members will not get the opportunity to formally consider it.”

It said it will post the proposal on its web site for any interested shareholders to view.

Earlier today Credit Union Central Alberta, the trade association for credit unions in the province, released a statement opposing the proposal, noting it “is inconsistent with credit union values.”

The Community Savings annual shareholder meeting meeting is scheduled for March 18.